Technical analysis

WTI Wave Analysis 25 January 2024

– WTI broke key resistance level 75.00

– Likely to rise to resistance level 79.15

WTI crude oil recently broke the key resistance level 75.00 (which has been reversing the price from the end of December).

The breakout of the resistance level 75.00 coincided with the breakout of the 61.8% Fibonacci correction of the previous sharp downward impulse v from November.

Given the strength of the active impulse waves 3 and (3), EURCAD can be expected to rise further to the next resistance level 79.15 (top of the previous correction iv).

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